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#FCM First Class Metals PLC – Admission of Shares

First Class Metals PLC (“First Class Metals” “FCM” or the “Company”), the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings, announces that in respect of the 16,373,674 new ordinary shares (“Shares”) issued since the Company’s IPO on 29 July 2022, no applications were made for the Shares to be admitted to trading.  This is a result of the Company and its Directors being given incorrect information by its former financial adviser.

In order to correct this position, the Company will now commence applications for the Shares to be admitted to trading on the Official List of the Financial Conduct Authority (“FCA”) and to trading on the Main Market of the London Stock Exchange. To ensure compliance with the Prospectus Regulation Rules, the Shares will be admitted in four tranches as follows:

i)             13,134,411 Shares will be admitted to trading on or around 23 January 2024;

ii)            2,626,882 Shares will be admitted to trading on or around 26 January 2024;

iii)           525,376 Shares will be admitted to trading on or around 31 January 2024; and

iv)           87,005 Shares will be admitted to trading on or around 5 February 2024.

For the avoidance of doubt, the Company’s issued share capital remains 82,045,729 ordinary shares of 0.1p each, with one vote per share (and no such shares are held in treasury). The total number of voting rights is therefore 82,045,729 and this figure may be used by shareholders as the denominator for the calculations to determine if they have a notifiable interest in the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules, or if such interest has changed.

For further information, please contact: 

James Knowles, Executive Chairman

JamesK@Firstclassmetalsplc.com

07488 362641

Marc J Sale, CEO

MarcS@Firstclassmetalsplc.com

07711 093532

Novum Securities Limited

(Financial Adviser) 

David Coffman/Dan Harris/George Duxberry

Novum Securities Limited

www.novumsecurities.com

 

(0)20 7399 9400

First Class Metals PLC – Background

First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.

FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine.

The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.

The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.

#SVML Sovereign Metals LTD – Result of AGM

The Annual General Meeting (AGM) of Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) was held today, 24 November 2023, at 10.00am (AWST).

The resolutions voted on were in accordance with the Notice of AGM previously advised to shareholders. All resolutions were decided on and carried by way of poll.

In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and proxies received in respect of each resolution are set out in the below summary.

ENQUIRIES

Dylan Browne

Company Secretary
+61(8) 9322 6322

info@sovereignmetals.com

 

Nominated Adviser on AIM and Joint Broker

 

SP Angel Corporate Finance LLP

+44 20 3470 0470

Ewan Leggat

Charlie Bouverat

Harry Davies-Ball

 

 

Joint Brokers

 

Berenberg

+44 20 3207 7800

Matthew Armitt

 

Jennifer Lee

 

 

 

Tavistock PR

+44 20 7920 3150

 

Resolution

Number of Proxy Votes

Number and Percentage of Votes cast on the Poll

Voting Method and Result

For

Against

Abstain

Proxy’s Discretion

For

Against

Abstain

1.    Remuneration Report

5,664,686

22,000

19,101,151

2,471,598

9,795,986
(99.8%)

22,000
(0.2%)

19,101,151

Carried on vote by poll

2.    Re-election of Director – Mr Ian Middlemas

23,241,037

1,546,800

2,471,598

27,372,337
(95%)

1,546,800
(5%)

Carried on vote by poll

3.    Re-election of Director – Dr Julian Stephens

23,241,037

1,546,800

2,471,598

27,372,337
(95%)

1,546,800
(5%)

Carried on vote by poll

4.    Renewal of Employee Incentive Equity Plan

19,359,686

10,000

5,418,151

2,471,598

23,490,986
(99.9%)

10,000
(0.1%)

5,418,151

Carried on vote by poll

5.    Issue of Performance Rights to a Director – Mr Benjamin Stoikovich

4,116,886

1,569,800

19,101,151

2,471,598

8,248,186
(84%)

1,569,800
(16%)

19,101,151

Carried on vote by poll

6.    Issue of Performance Rights to a Director – Mr Mark Pearce

4,116,886

1,569,800

19,101,151

2,471,598

8,248,186
(84%)

1,569,800
(16%)

19,101,151

Carried on vote by poll

7.    Issue of Performance Rights to a Director – Mr Nigel Jones

4,116,886

1,569,800

19,101,151

2,471,598

8,248,186
(84%)

1,569,800
(16%)

19,101,151

Carried on vote by poll

8.    Approval of Additional 10% Placement Capacity

24,715,837

72,000

2,471,598

28,847,137
(99.8%)

72,000
(0.2%)

Carried on vote by poll

 

Issue of Performance Rights

Following the shareholder approval of resolutions 5 to 7 today, the Company has issued 1,750,000 unlisted performance rights to Directors as disclosed in the Notice of AGM as follows:

·      700,000 performance rights subject to the “Grant of Mining Licence Milestone” that have no exercise price and expire 31 March 2026; and

·      1,050,000 performance rights subject to the “Final Investment Decision Milestone” that have no exercise price and expire 30 June 2026.

Following the issue of these performance rights, the Company has the following securities on issue:

·      563,003,401 fully paid ordinary shares;

·      34,549,598 unlisted options exercisable at A$0.535 each on or before 21 July 2024;

·      9,110,000 unlisted performance rights subject to the “Definitive Feasibility Study Milestone” expiring on or before 31 October 2025;

·      3,150,000 unlisted performance rights subject to the “Grant of Mining Licence Milestone” that have no exercise price and expire 31 March 2026; and

·      4,150,000 unlisted performance rights subject to the “Final Investment Decision Milestone” that have no exercise price and expire 30 June 2026.

Change of Directors’ Interest Notices are provided below.

Appendix 3Y

 

Change of Director’s Interest Notice

 

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01  Amended 01/01/11

 

Name of entity                  SOVEREIGN METALS LIMITED

ABN                                    71 120 833 427

A)              

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. 

 

Name of Director

Benjamin Stoikovich

Date of last notice

29 September 2023

 

Part 1 – Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

 

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Direct or indirect interest

Direct and Indirect

 

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

 

Selwyn Capital Limited (beneficial interest)

 

Date of change

24 November 2023

No. of securities held prior to change

(a)   4,190,000

(b)   600,000

(c)   –

(d)   –

Class

(a)   Ordinary Fully Paid Shares

(b)   Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025

(c)   Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026

(d)   Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026

Number acquired

(c)   350,000

(d)   500,000

Number disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

 

Not applicable – see nature of change below

No. of securities held after change

(a)   4,190,000

(b)   600,000

(c)   350,000

(d)   500,000

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Issue of Performance Rights following shareholder approval

 

Part 2 – Change of director’s interests in contracts

 

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Detail of contract

Not applicable

Nature of interest

 

Not applicable

Name of registered holder

(if issued securities)

 

Not applicable

Date of change

Not applicable

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

 

Not applicable

Interest acquired

Not applicable

Interest disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

 

Not applicable

Interest after change

Not applicable

 

Part 3 – +Closed period

 

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

Not applicable

If prior written clearance was provided, on what date was this provided?

Not applicable

 

Initial notification/Amendment

Initial

LEI

213800NSPXSASTENFQ34

Place of transaction

Australian Securities Exchange (ASX)

 

Appendix 3Y

 

Change of Director’s Interest Notice

 

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01  Amended 01/01/11

 

Name of entity                  SOVEREIGN METALS LIMITED

ABN                                    71 120 833 427

B)              

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. 

 

Name of Director

Mark Pearce

Date of last notice

29 September 2023

 

Part 1 – Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

 

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Direct or indirect interest

Direct and Indirect

 

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

 

·  Mr Mark Pearce and Mrs Natasha Pearce <NMLP Family A/C> (trustee and beneficial interest)

·  Apollo Group Pty Ltd (director and indirect shareholder)

·  Crystal Brook Investments Pty Ltd (director and beneficial interest)

 

Date of change

24 November 2023

No. of securities held prior to change

(a)     4,520,842

(b)     300,000

(c)     –

(d)     –

Class

(a)     Ordinary Fully Paid Shares

(b)     Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025         

(c)     Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026

(d)    Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026            

Number acquired

(c)     250,000

(d)     400,000

 

Number disposed

Not applicable

 

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

 

Not applicable – see nature of change below

 

No. of securities held after change

(a)     4,520,842

(b)     300,000

(c)     250,000

(d)     400,000

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Issue of Performance Rights following shareholder approval

 

Part 2 – Change of director’s interests in contracts

 

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Detail of contract

Not applicable

Nature of interest

Not applicable

Name of registered holder

(if issued securities)

Not applicable

Date of change

Not applicable

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

 

Not applicable

Interest acquired

Not applicable

Interest disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

 

Not applicable

Interest after change

Not applicable

 

Part 3 – +Closed period

 

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

Not applicable

If prior written clearance was provided, on what date was this provided?

Not applicable

 

Initial notification/Amendment

Initial

LEI

213800NSPXSASTENFQ34

Place of transaction

Australian Securities Exchange (ASX)

 

Appendix 3Y

 

Change of Director’s Interest Notice

 

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01  Amended 01/01/11

 

Name of entity                  SOVEREIGN METALS LIMITED

ABN                                    71 120 833 427

C)              

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. 

 

Name of Director

Nigel Jones

Date of last notice

29 September 2023

 

Part 1 – Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

 

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Direct or indirect interest

Indirect

 

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

 

Redbeck Partners Ltd (beneficial interest)

Date of change

24 November 2023

No. of securities held prior to change

(e)   225,000

(f)    300,000

(g)   –

(h)   –

 

Class

(e)   Ordinary Fully Paid Shares

(f)    Unlisted Performance Rights subject to the “Definitive Feasibility Study Milestone” expiring 31 October 2025

(g)   Unlisted Performance Rights subject to the Grant of Mining Licence Milestone” expiring 31 March 2026

(h)   Unlisted Performance Rights subject to the “Final Investment Decision Milestone” expiring 30 June 2026

Number acquired

(c)   100,000

(d)   150,000

Number disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

 

Not applicable – see nature of change below

No. of securities held after change

(a)  225,000

(b)  300,000

(c)  100,000

(d)  150,000

 

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Issue of Performance Rights following shareholder approval

 

Part 2 – Change of director’s interests in contracts

 

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

 

Detail of contract

Not applicable

Nature of interest

 

Not applicable

Name of registered holder

(if issued securities)

 

Not applicable

Date of change

Not applicable

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

 

Not applicable

Interest acquired

Not applicable

Interest disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

 

Not applicable

Interest after change

Not applicable

 

Part 3 – +Closed period

 

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

Not applicable

If prior written clearance was provided, on what date was this provided?

Not applicable

 

Initial notification/Amendment

Initial

LEI

213800NSPXSASTENFQ34

Place of transaction

Australian Securities Exchange (ASX)

 

 

#GRX Green X Metals LTD – Result of AGM

Results of Annual General Meeting  

GreenX Metals Limited (GreenX or the Company) advises, that the 2023 Annual General Meeting (AGM) of the Company was held today, 22 November 2023, at 10.00am (AWST).

The resolutions voted on were in accordance with the Notice of AGM previously advised to shareholders.

All resolutions were decided on and carried by way of a poll.

In accordance with Section 251AA of the Corporations Act 2001 and ASX Listing Rule 3.13.2, the details of the poll and the proxies received in respect of each resolution are set out over page.

 

For further information please contact:

Dylan Browne                                                                                             

Company Secretary

+61 8 9322 6322                                                                                                                                

info@greenxmetals.com

 

Resolution

Number of Proxy Votes

Number of Votes cast on the Poll

Result

For

Against

Abstain

Proxy’s Discretion

For

Against

Abstain

1.    Remuneration Report

2,337,137

14,575,000

3,557

2,990,694
(100%)


(-%)

14,575,000

Carried on vote by poll

2.    Re-election of Director – Mr Benjamin Stoikovich

16,912,137

3,557

17,565,694
(100%)


(-%)

Carried on vote by poll

3.    Approval of Additional 10% Placement Capacity

15,575,078

1,337,059

3,557

16,228,635
(92%)

1,337,059
(8%)

Carried on vote by poll

4.    Appointment of Auditor

16,912,137

3,557

17,565,694
(100%)


(-%)

Carried on vote by poll

5.    Appointment of Polish Auditor

16,912,137

3,557

17,565,694
(100%)


(-%)

Carried on vote by poll

 

#GRX GreenX Metals LTD – Change of Director’s Interest Notice x2

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01  Amended 01/01/11

 

Name of entity    GreenX Metals Limited

ABN                     23 008 677 852

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. 

 

Name of Director

Benjamin Stoikovich

Date of last notice

6 December 2021

 

Part 1 – Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

 

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest

Direct

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

Not applicable

Date of change

7 November 2023

No. of securities held prior to change

a)   1,492,262

b)   1,500,000

c)   1,500,000

Class

a)   Fully paid ordinary shares

b)   Unlisted incentive options exercisable at A$0.45 each on or before 30 November 2025

c)   Unlisted incentive options exercisable at A$0.55 each on or before 30 November 2026

Number acquired

Nil

Number disposed

a)   (672,856)

b)   Nil

c)   Nil

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

$598,842

No. of securities held after change

a)   819,406

b)   1,500,000

c)   1,500,000

 

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Special crossing trade

 

Part 2 – Change of director’s interests in contracts

 

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract

Not applicable

Nature of interest

Not applicable

Name of registered holder

(if issued securities)

Not applicable

Date of change

Not applicable

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

Not applicable

Interest acquired

Not applicable

Interest disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

Not applicable

Interest after change

Not applicable

 

Part 3 – +Closed period

 

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

Not applicable

If prior written clearance was provided, on what date was this provided?

Not applicable

Initial notification/Amendment

Initial

LEI

213800EHCGNYSCN9T108

Place of transaction

Australian Securities Exchange (ASX)

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01  Amended 01/01/11

 

Name of entity    GreenX Metals Limited

ABN                     23 008 677 852

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act. 

 

Name of Director

Mark Pearce

Date of last notice

4 August 2023

 

 

Part 1 – Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

 

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest

Direct and Indirect

Nature of indirect interest

(including registered holder)

Note: Provide details of the circumstances giving rise to the relevant interest.

NMLP Family Trust (beneficial interest)

Crystal Brook Investments Pty Ltd (beneficial interest)

Date of change

7 November 2023

No. of securities held prior to change

 

a)      3,050,000

b)      500,000

c)      500,000

Class

a)      Fully paid ordinary shares

b)      Unlisted incentive options exercisable at A$0.45 each on or before 30 November 2025

c)      Unlisted incentive options exercisable at A$0.55 each on or before 30 November 2026

Number acquired

Nil

Number disposed

a)      (200,000)

b)      Nil

c)      Nil

Value/Consideration

Note: If consideration is non-cash, provide details and estimated valuation

$178,000

 

No. of securities held after change

a)      2,850,000

b)      500,000

c)      500,000

Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Special crossing trade

 

Part 2 – Change of director’s interests in contracts

 

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract

Not applicable

Nature of interest

Not applicable

Name of registered holder

(if issued securities)

Not applicable

Date of change

Not applicable

No. and class of securities to which interest related prior to change

Note: Details are only required for a contract in relation to which the interest has changed

Not applicable

Interest acquired

Not applicable

Interest disposed

Not applicable

Value/Consideration

Note: If consideration is non-cash, provide details and an estimated valuation

Not applicable

Interest after change

Not applicable

Part 3 – +Closed period

Were the interests in the securities or contracts detailed above traded during a +closed period where prior written clearance was required?

No

If so, was prior written clearance provided to allow the trade to proceed during this period?

Not applicable 

If prior written clearance was provided, on what date was this provided?

Not applicable

Initial notification/Amendment

Initial

LEI

213800EHCGNYSCN9T108

Place of transaction

Australian Securities Exchange (ASX)

#KAV Kavango Resources Plc – DIRECTOR/PDMR SHAREHOLDING

Non Exec Director Peter Wynter-Bee buys 63,250,000 shares at 0.8p and CEO Ben Turney buys 6,250,000 shares at 0.8p

Vox Market Podcast – Alan Green on Bidstack, Oxford Cannabinoid, Dekel Agri-Vision & East Star Resources

Alan Green CEO of Brand Communications gets stuck into Bidstack #BIDS and covers
Oxford Cannabinoid #OCTP
Dekel Agri-Vision #DKL
East Star Resources #EST

 

Listen- https://audioboom.com/posts/8381872-alan-green-on-bidstack-oxford-cannabinoid-dekel-agri-vision-east-star-resources

#GRX GreenX Metals LTD – 2023 Annual Report

GreenX Metals Limited (GreenX or the Company) advises that its 2023 Annual Report, has been published at https://greenxmetals.com/investors/reports-presentations/ and https://greenxmetals.com/about/corporate-governance/ and will be uploaded to the National Storage Mechanism which will shortly at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

The Company also advises that an Appendix 4G (Key to Disclosures: Corporate Governance Council Principles and Recommendations) and 2023 Corporate Governance Statement have been released today and are also available on the Company’s website at https://greenxmetals.com/about/corporate-governance/.

 

LEI: 213800EHCGNYSCN9T108

 

Classification: 1.1 Annual financial and audit reports

 

For further information please contact:

 

Dylan Browne

Company Secretary

+61 8 9322 6322

info@greenxmetals.com

 

 

#VOX Market Podcast – Alan Green discusses Watches of Switzerland, Bidstack & Voyager Life

Alan Green CEO of Brand Communications discusses
Watches of Switzerland #WOSG
Bidstack #BIDS
Voyager Life #VOY

 

Listen- https://audioboom.com/posts/8361912-alan-green-discusses-watches-of-switzerland-bidstack-voyager-life

 

Vox Markets Podcast- CEO Alan Green covers Warpaint #W7L, Sovereign Metals #SVML & ORA Technologies #ORA

Alan Green our CEO discusses:
Warpaint London #W7L
Sovereign Metals #SVML  
Ora Technology #ORA

Listen: https://audioboom.com/posts/8346666-alan-green-on-warpaint-london-sovereign-metals-ora-technology

#GRX GreenX Metals – Quarterly Activities Report June 2023

HIGHLIGHTS FROM AND SUBSEQUENT TO THE QUARTER

 

·      In July 2023, GreenX entered into an Option Agreement with Greenfields Exploration Limited to acquire up to 100% of the Eleanore North gold project (Eleanore North) in eastern Greenland.

Eleonore North has the potential to host a “reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada.

Option to earn 100% of the Project vests upon GreenX spending A$600,000 on exploration on the Project within 12 months and can be exercised in return for a 1.5% Net Smelter Royalty plus A$250,000 payable in cash and A$250,000 payable in either cash or GreenX shares at GreenX’s election.

Transaction provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the Arctic Rift Copper project (ARC).

·      In November 2022, the hearing for the Claim against the Republic of Poland under both the Energy Charter Treaty and the Australia-Poland Bilateral Investment Treaty was concluded.

Combined arbitration hearing took place in front of the Tribunal in London under the UNCITRAL Arbitration Rules

Damages of up to £737 million (A$1.3 billion / PLN4.0 billion) have been claimed including the assessed value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages

·      Subsequent to the quarter, GreenX completed a Placing to issue 5.2 million new ordinary shares to raise gross proceeds of approximately A$4.2 million (~£2.1 million) from new and existing investors (Placing). The next proceeds from the Placing will be used for exploration activities at the Company’s projects in Greenland.

·      Cash balance as at 30 June 2023 and prior to the Placing was A$8.7 million.

 

Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State

 

 

GreenX Metals Limited (ASX:GRX, LSE:GRX) (GreenX or the Company) is pleased to present its Quarterly Activities Report for the period during and subsequent to 30 June 2023.

 

In July 2023, GreenX entered into an Option Agreement (Agreement) with Greenfields Exploration Limited to acquire up to 100% of the Eleanore North gold project in eastern Greenland.

Eleonore North has the potential to host a “reduced intrusion-related gold system” (RIRGS), analogous to large bulk-tonnage deposit types found in Canada including Donlin Creek, Fort Knox and Dublin Gulch.

Gold mineralisation documented at the high-priority Noa Pluton prospect within Eleonore North.

·      Geophysical “bullseye” anomaly 6 km wide co-incident with elevated gold mineralisation from historical geochemical sampling.

·      Anomalous gold mineralisation associated with quartz veining exposed at surface over a length of up to 15 km.

·      Historical sampling includes 4 m chip sample grading 1.93 g/t Au and 1.9% Sb (refer to Appendix 1 of the Company’s announcement on 10th July 2023).

Eleonore North has potential to host large scale, shallow, bulk tonnage gold deposits. The Project remains underexplored, with the existence of a possible RIRGS being a relatively new geological interpretation based on the historical data. Initial field work consists of a seismic survey to determine the depth from surface to the Noa Pluton to aid in drill targeting.

Eleonore North license area contains other gold targets as well as copper, antimony and tungsten prospects. At Holmesø there is copper and antimony mineralisation outcropping at surface. Historical mapping and sampling in the 1970s at Holmesø show a prospective horizon between 15 m and 20 m thick, with per cent level grades for both metals.

Option to earn 100% of the Project vests upon GreenX spending A$600,000 on exploration on the Project within 12 months and can be exercised in return for a 1.5% Net Smelter Royalty plus A$250,000 payable in cash and A$250,000 payable in either cash or GreenX shares at GreenX’s election.

Transaction provides GreenX with gold exposure in Greenland and complements GreenX’s existing exploration prospect in Greenland, the Arctic Rift Copper project (ARC). There are significant synergies with regards to personnel, logistics and equipment in having multiple exploration projects in Greenland. Field works for the 2023 have already commenced at Eleonore North, with follow-on exploration field activities for the ARC project currently being planned.

Greenland is a mining friendly jurisdiction with strong Government support for expanding its mining industry, simple laws and regulations, and a competitive fiscal regime.

The primary target in Eleonore North is the Noa Pluton, followed by the Holmesø prospect and its source intrusion.  The Noa Veins provide a near-term drill target, however, the Company plans to determine the depth of the intrusion with greater precision using a passive seismic survey. This information will validate the magnetic interpretation, provide more certainty for a future drilling program, and help identify the size of the intrusion within the well-defined hornfels.

The Arctic Rift Copper Project (ARC) is an exploration joint venture between GreenX and Greenfields Exploration Ltd (Greenfields). GreenX can earn 80% of ARC by spending A$10 million by October 2026. ARC is targeting large scale copper in multiple settings across a 5,774 km2 Special Exploration Licence in eastern North Greenland. The area has been historically underexplored yet is prospective for copper, forming part of the newly identified Kiffaanngissuseq metallogenic province.

The results of work program announced last year have demonstrated the high-grade nature of the known copper sulphide mineralisation and wider copper mineralization in fault hosted Black Earth zones and adjacent sandstone units. The exact position of a native copper fissure at the Neergaard Dal prospect was also identified.

Analysis of this information is underway and will be key to future planned work programs.

In November 2022, the Company reported the conclusion of the Claim against the Republic of Poland under both the Energy Charter Treaty (ECT) and the Australia-Poland Bilateral Investment Treaty (BIT) (together the Treaties). The hearing took place in London in and lasted two weeks.

Following completion of the hearing, the Tribunal will render an Award (i.e., the legal term used for a ‘decision’ by the Tribunal) in due course with no specified date available for the Tribunal decision.

As previously advised, the arbitration and hearing proceedings in relation to the Claim are required to be kept confidential.

Details of the Claim

The Company’s Claim against the Republic of Poland is being prosecuted through an established and enforceable legal framework, with GreenX and Poland agreeing to apply the United Nations Commission on International Trade Law Rules (UNCITRAL) rules to the proceedings. The arbitration claims are being administered through the Permanent Court of Arbitration in the Hague.

The evidentiary hearing phase of the arbitration proceedings has now been completed in front of the Arbitral Tribunal. With completion of the hearing, the Arbitral Tribunal will render an Award in due course. There is no specified date for an Award to be rendered. The Company’s claims for damages against Poland are in the amount of up to £737 million (A$1.3 billion/PLN4.0 billion), which includes a revised assessment of the value of GreenX’s lost profits and damages related to both the Jan Karski and Debiensko projects, and accrued interest related to any damages. The Claim for damages has been assessed by independent external quantum experts appointed by GreenX specifically for the purposes of the Claim.

In July 2020, the Company announced it had executed the LFA for US$12.3 million with LCM. US$10.4 million of the facility has been drawn down to cover legal, tribunal and external expert costs as well as defined operating expenses associated with the Claim. The Company does not anticipate further material drawdowns now that funded costs relating to the claims have been dispersed. The LFA is a limited recourse loan with LCM that is on a “no win – no fee” basis.

In September 2020, GreenX announced that it had formally commenced with the Claim by serving the Notices of Arbitration against the Republic of Poland. In June 2021, GreenX announced that it had formally lodged its Statement of Claim in the BIT arbitration, including the first assessed claim for compensation. The Company’s Statement of Reply, the last material filing to be made by the Company for the BIT arbitration proceedings, was submitted in July 2021. The Statement of Reply addresses various points raised by the Republic of Poland in their Statement of Defence. The Statement of Reply also contains a re-evaluation of the claim for damages based on responses to Poland’s Statement of Defence.

GreenX’s dispute alleges that the Republic of Poland has breached its obligations under the applicable Treaties through its actions to block the development of the Company’s Jan Karski and Debiensko projects in Poland which effectively deprived GreenX of the entire value of its investments in Poland.

In February 2019, GreenX formally notified the Polish Government that there exists an investment dispute between GreenX and the Polish Government. GreenX’s notification called for prompt negotiations with the Government to amicably resolve the dispute and indicated GreenX’s right to submit the dispute to international arbitration in the event of the dispute not being resolved amicably.

GreenX’s investment dispute with the Republic of Poland is not unique, with international media widely reporting that the political environment and investment climate in Poland has deteriorated since the change in Government in 2015. As a result, there are a significant number of International Arbitration claims being bought against Poland.

In July 2023, the Company announced that it had successfully completed a bookbuild and secured commitments for 5.2 million new ordinary shares at a price of A$0.80 (41 pence) per share for gross proceeds of approximately A$4.2 million (~£2.1 million) from new and existing investors.

Together with the Company’s existing cash resources (A$8.7 million as at 30 June 2023), the proceeds of the Placing will help ensure that GreenX retains a strong balance sheet position.

The net proceeds from the Placing will be used for exploration activities at the company’s projects in Greenland.

Financial Position

Prior to the successful completion of the Placing, GreenX had cash of A$8.7 million as at 30 June 2023.

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